Asset Administration in Coral Gables Probate

It will usually be very emotional when a loved one passes away. Unfortunately, while dealing with the grieving process, the family of the loved one has to deal with the estate, and managing assets can be a complicated and emotional process. In Coral Gables and throughout Florida, asset administration during probate involves gathering, managing, and distributing a deceased person’s assets according to their will; or, if no will exists, the laws of intestate succession. There are many things to consider in this process, which is why you will benefit from a local probate attorney.

What Is Asset Administration?

Asset administration is the management and distribution of a decedent’s assets through either the  probate process or privately for those assets for which probate is not required. The personal representative (executor) is responsible for securing and protecting the estate’s assets, settling debts and taxes, and distributing remaining assets to beneficiaries. Common tasks involved in asset administration include:

• Identifying Assets: The personal representative must gather all of the probate assets, including real estate, bank accounts, and investment portfolios, and vehicles.
• Valuing the Estate: The personal representative has to obtain appraisals or valuations to determine the estate’s total worth.
• Settling Debts and Taxes: Part of the process includes paying off or settling outstanding debts, mortgages, and any applicable estate taxes.
• Distributing Assets: Once all of the above has happened, the personal representative is responsible for transferring ownership of the remaining assets to the beneficiaries  according to the terms of the will or Florida law.

Types of Assets to Administer

Not all assets go through probate. Florida law distinguishes between probate and non-probate assets. Probate assets are titled only in the deceased’s name, and typically include bank accounts, real estate, and vehicles. Non-probate assets, meanwhile, are those that do not have to be included in the probate estate. Assets in this category include jointly held accounts with rights of survivorship, a real estate property where the deed has a second owner with rights of survivorship or is titled jointly in the name of spouses, and life insurance policies with designated beneficiaries. Additionally, any assets that are in a trust typically do not have to be included in probate.

Steps in Asset Administration

Our Coral Gables attorney can help you understand the steps involved in probate asset administration, which can be summarized as the following:

1. Filing the Petition for Probate: The personal representative files the necessary legal documents with the probate court to open the estate. A personal representative is required under Florida law to have an attorney, unless the personal representative is the sole heir to the estate and there are no other interested parties, such as creditors.
2. Appointing a Personal Representative: The court officially appoints the personal representative to oversee asset administration.
3. Inventory the Estate: A comprehensive list of all assets, along with their values, must be submitted to the court.
4. Paying Debts and Expenses: All debts, funeral expenses, and administrative costs must be paid or settled before asset distribution.
5. Distributing Remaining Assets: After debts are settled, the court authorizes the transfer of remaining assets to beneficiaries.

Why You Need an Attorney’s Help

Asset administration requires strict adherence to Florida laws and court procedures. An experienced attorney in Coral Gables can help see that all of a deceased’s assets are accounted for, valued correctly, and distributed according to the law. Legal representation also minimizes disputes and helps resolve any issues that may arise during the probate process.

Call a Coral Gables Attorney for Assistance With a Loved One’s Asset Administration

If you’re responsible for managing a loved one’s estate and need guidance with how to properly disburse their assets and pay off any creditors, contact Veliz & Associates, P.A. Our skilled estate planning lawyer has extensive experience handling probate matters in Florida, and can provide compassionate, knowledgeable representation tailored to your unique needs. Reach out today to schedule a consultation and get the guidance you need regarding asset administration in Coral Gables probate.